Coinbase has filed two Freedom of Information Act (FOIA) requests with U.S. regulators to seek transparency in cryptocurrency-related measures.

FOIA Requests by Coinbase

Coinbase is demanding that the Federal Deposit Insurance Corporation (FDIC) and other agencies disclose documents regarding deposit caps imposed on cryptocurrency companies. One request focuses on the deposit caps, while the other seeks information on how previous crypto-related FOIA requests have been handled. Paul Grewal, Coinbase's chief legal officer, noted the need for transparency from regulators.

Coinbase's Crypto Regulation Initiatives

Coinbase also asked the FDIC for information about 'pause letters' allegedly sent to banks to slow down the expansion of crypto activities. As part of its strategy to promote clearer cryptocurrency regulation, the company launched the 'Stand with Crypto' initiative, which includes a political action committee supporting regulatory-friendly candidates.

The Role of Elections in Crypto Regulation

The upcoming U.S. presidential election could be pivotal for the crypto industry. Several crypto enthusiasts view it as a significant moment for the sector. Donald Trump, the Republican nominee, aims to make the U.S. the 'crypto capital of the world,' whereas Kamala Harris, the Democratic candidate, has a more crypto-friendly stance compared to current President Joe Biden. Cryptocurrency companies' contributions to political campaigns have notably increased.

Coinbase's active FOIA requests and political initiative aim to achieve clarity from regulators on cryptocurrencies and influence the industry's future through the political process.